PITTSBURGH--(BUSINESS WIRE)--PPG Industries (NYSE:PPG) today announced that its North American architectural coatings business has reached a definitive agreement to acquire The Homax Group, Inc., a supplier of decorative wall and ceiling texture repair products. Homax is a portfolio company of Olympus Partners. The transaction is expected to close in the third quarter, subject to customary closing conditions. Financial terms were not disclosed.
Homax is the industry’s leading supplier of decorative aerosol drywall and ceiling texturing applications utilized primarily for home repair. In addition, it supplies various epoxy finishes, patching, caulking and mesh tape repair products, and other painting tools and accessories. The company’s products are sold through major home improvement centers, hardware stores and paint suppliers.
“Homax products represent a new and unique offering for our customers,” said Scott Sinetar, PPG vice president, architectural coatings, North America. “The acquisition supports our continuing commitment to providing professional and do-it-yourself customers with leading coatings and related home remodeling and repair products.”
PPG Architectural Coatings is an industry leader in residential and commercial coatings and products. The business produces paints, stains and specialty coatings and products marketed under well-recognized lines such as FLOOD®, GLIDDEN®, LIQUID NAILS®, MANOR HALL®, OLYMPIC®, PPG PITTSBURGH PAINTS®, PPG PORTER PAINTS®, PPG Paints and SIKKENS® brands. Its distribution network includes more than 900 company-owned stores, more than 5,000 independent dealer locations and all major home improvement centers.
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
PPG Industries' vision is to continue to be the world’s leading coatings and specialty materials company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Net sales in 2013 were $15.1 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com and follow @PPGIndustries on Twitter.
About Olympus Partners
Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries, including consumer products, business services, restaurants, healthcare, and financial services. Olympus manages in excess of $5 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. Sawaya Segalas & Co., LLC, a leading consumer investment banking firm, acted as exclusive financial adviser to The Homax Group, Inc. in connection with the transaction with PPG Industries.
Statements in this news release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 reflecting the company’s current view with respect to future events or objectives and financial or operational performance or results. The forward-looking statements contained herein include statements relating to the timing of and expected benefits of the Homax acquisition. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the failure to close the acquisition, to achieve the expected benefits of the acquisition and the other risks and uncertainties discussed in PPG Industries’ periodic reports on Form 10-K and Form 10-Q, and its current reports on Form 8-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of their initial issuance, and PPG Industries does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
Bringing innovation to the surface is a trademark of PPG
Industries Ohio, Inc.
FLOOD, GLIDDEN, LIQUID NAILS, MANOR HALL, OLYMPIC, PPG PITTSBURGH PAINTS, and PPG PORTER PAINTS are registered trademarks of the PPG group of companies.
SIKKENS is a registered trademark of AkzoNobel.